Swiss-based fintech firm 21Shares AG has introduced a Bitcoin exchange-traded product on Nasdaq Dubai, making it the first physically-backed BTC ETP in the Middle East.

The firm has recently been on a listing spree, listing Bitcoin and Ethereum ETNs on Nasdaq Stockholm, crypto ETPs on Euronext Paris and Amsterdam, and more.

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The issuer of the investment product, 21Shares, expanded its global reach by launching a bitcoin exchange-traded product (ETP) on the international financial exchange in the Middle East: Nasdaq Dubai. The feature will be marketed under the same ticker as in Europe: ABTC.

By adding the United Arab Emirates ETP, 21Shares now has 46 crypto products listed in seven different countries.

Hany Rashwan, CEO and co-founder of 21Shares, praised the Middle East as an important area for the digital assets industry. He assured that the company will continue to support the region’s ambitions to become a global cryptocurrency hub.

Two months ago, 21Shares appointed Sherif El-Haddad as head of the company’s Middle East division. The executive is a strong supporter of the cryptocurrency sector, saying that he could become “the asset of the future for investors and wealth managers around the world.”

The organization’s expansion in that region could be beneficial as it is the fastest growing cryptocurrency market (according to research by Chainalysis). Local consumers have received more than $566 billion in digital assets from July 2021 to June 2022, 48% more than they received the previous year.

For its part, the financial heart of the Middle East, Dubai, often makes headlines in the crypto space. In recent months, national watchdogs have allowed major exchanges such as Binance, CryptoCom, OKX, and FTX to offer their services and products on local soil.

In addition, Dubai’s main flag carrier, Emirates Airline, and the five-star hotel, Palazzo Versace Dubai, said they will accept bitcoin and certain altcoins as a means of payment.

Previous 21Shares Efforts

At the end of 2021, the Swiss firm became the first issuer of physically backed exchange-traded notes (ETNs) on Stockholm’s Nasdaq. The monetary products are traded under the ticker symbols ABTC and AETH and have Bitcoin and Ethereum as underlying assets.

Earlier this year, 21Shares launched three new crypto ETPs on BX Swiss that track the performance of Aave, Chainlink, and Uniswap. Days later, it listed Chainlink, Terra, and Uniswap ETPs on Euronext Paris and Amsterdam.

In April, the entity also focused on Australia. By joining forces with ETF Securities, the two parties unveiled the first two ETFs in the country that give clients direct access to cryptocurrencies. Titled EBTC and EETH, the products track the valuation of Bitcoin and Ethereum respectively in Australian dollars.

Last but not least, 21Shares introduced two private funds dedicated to accredited US investors. “Vinter 21Shares Crypto Basket 10 US Index” tracks the performance of the ten largest cryptocurrencies by market cap, while “Vinter 21Shares Crypto Mid-Cap US Index” focuses on emerging mid-tier digital assets.

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This post 21Shares Focuses on the Middle East by Launching a Bitcoin ETP on Nasdaq Dubai

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